World's largest IT distributor completes $6bn sale

Ingram Micro to shuffle executives as its takeover by Chinese Tianjin Tianhai closes

Ingram Micro has completed its $6bn sale to HNA's Tianjin Tianhai, the companies announced yesterday.

The deal, which amounts to $38.90 per share in an all-cash transaction, produced an executive shuffle and the disbanding of Ingram's board in favor of an entirely new board, comprised of a mixture of the distributor's and HNA's top execs and two independent directors.

According to an 8-K filing, Ingram Micro CFO William Humes, along with general counsel Larry Boyd will exit the distributor on 16 December, following the earlier departure of Paul Read, Ingram Micro's former president and COO.

Both Humes and Boyd will serve as new board members. The Ingram execs will be joined on the board by HNA vice chairman and CEO Adam Tan, who will serve as board chair, Alain Monié, Ingram CEO, Bharat Bhise, president and CEO of Bravia Capital, Dale Laurance, former chairman of Ingram's board, and Jim McGovern, former under secretary and acting secretary of the US Air Force.

As of 16 December, Gina Mastantuono will take up the company's CFO role and Augusto Aragone Coppola will become general counsel. Both will report to Monié.

"[Aragone Coppola] has played a critical role in shaping Ingram Micro's legal department and has worked hand-in-hand with [Boyd] in support of the corporate legal operations since moving to our Irvine headquarters last year," Monié said yesterday morning in a memo sent out to staff.

Mastantuono, who joined Ingram in 2013, was desribed by Monié in the memo as having been "instrumental" in transforming the distie's global finance organisation.

"[She has] successfully spearheaded activities, including upgrading global financial systems, centralizing finance activities and improving analytical capabilities, resulting in substantial efficiencies and cost savings throughout the organization," Monié said.

The new CFO was recently honoured by the National Diversity Council as one of the Top 50 most powerful women in technology.